Economy

India currently holds around 60 days of crude oil stock cover, along with one month of LPG supply, providing a strong buffer against global disruptions.

Department of Revenue cut the special additional excise excise duty on petrol to Rs 3 from Rs 13 per litre and on diesel to nil from Rs 10 per litre.

Supplies made by public sector oil companies to neighbouring countries — including Nepal, Bhutan, Bangladesh and Sri Lanka — will continue to receive preferential treatment.

India also made a strong push for structural reforms at the World Trade Organization, calling for a transparent, inclusive and member-driven process, with development at its core.

Crude prices have more than doubled from pre-crisis levels, raising input and logistics costs and disrupting supplies, including key fertiliser inputs, the agency said.

The upper tolerance level for the period between April 2026 and March 2031 has been set at 6%.

The Modified UDAN Scheme has received approval for the period from FY 2026-27 to FY 2035-36.

For investors with buyback gains above Rs 1 crore, the surcharge has been reduced from 15% to 12%, resulting in some tax relief for high-income investors.

The government has taken various steps to empower MSMEs, farmers, and cooperatives because they are at the heart of creation of employment for production and for the overall development of India, she said.

Officials in New Delhi expect the US waiver to be extended as long as disruptions in Hormuz persist.

Under the new scheme 100 new airports will be developed with a Budgetary support of Rs 12,159 crore.

S&P expects inflation to rise to 4.3% in fiscal 2027 as it normalizes from low levels.

The Union Budget 2026-27 tabled on Feb. 1 by Finance Minister Nirmala Sitharaman envisages a total expenditure of Rs 53.47 lakh crore.

The oil shock is feeding into inflation through fuel, fertiliser and currency channels, raising the risk that the Reserve Bank of India may need to tighten policy even as demand weakens.

Under the proposal, tax orders that were invalidated on such grounds could be revalidated, according to sources.

The proposed amendments aim to expand the powers of the tax department to reopen assessment cases based on orders passed by courts and appellate tribunals.

Turmeric is a cash crop cultivated in nearly 2 lakh acres in Hingoli district, and the Vasmat variety received a Geographical Identification (GI) tag in 2024.

India has granted quota-based duty concessions on gold imports under the tariff rate quota.

This increase reflects broad-based expansion across sectors and highlights the steady growth of the unincorporated non-agricultural sector.

Rupee is set to reach 96 against the dollar, while the 10-Year yields could drift higher and touch 6.95%, Emkay warned.